Abstract
In the recent decade, the term Industry 4.0 or Fourth Industrial Revolution is a common buzzword represents the adoption of disruptive digital technologies (Internet of things, Big Data, 3D printing, Cloud computing, Autonomous robots, Virtual reality, Augmented reality, Self-driving car, Cyber-physical system, Artificial intelligence, Smart sensors, Nanotechnology, Drones, and Biotechnology, etc.) in the production process which is transforming the manufacturing units into smart factories and experiencing a great change in the global value chain. Moreover, these revolutionary digital technologies have a profound impact on the economy, growth, globalization, governments, international trade, global supply chain, and human capital transformation, etc. The present review study aims to explore the impact, challenges, and opportunities of the fourth industrial revolution based on empirical findings specially and extensively in the context of Bangladesh. The study finds regardless of having enormous potentiality, the application of the fourth industrial revolution is far lagging for some challenges i.e. lack awareness, insufficient capital, lack of infrastructure, lack of skilled human capital, and some socio-economic challenges. This review paper will also develop conceptual links with the relevant aspect of strategic planning and application of key industry 4.0 technologies and help to formulate future policy guidelines regarding opportunities, application, and strategic decision making for the fourth industrial revolution in Bangladesh.
Highlights
During the last few decades, technology is evolving with profound pace, velocity and impact (Petrillo, De Felice, Cioffi, & Zomparelli, 2018) and that swift digital technological advancement have bought forth the Fourth Industrial Revolution or Industry 4.0 in front of us (Global, 2017; K Schwab, 2016)
The present review study aims to explore the impact, challenges, and opportunities of the fourth industrial revolution based on empirical findings specially and extensively in the context of Bangladesh
During the last few decades, technology is evolving with profound pace, velocity and impact (Petrillo, De Felice, Cioffi, & Zomparelli, 2018) and that swift digital technological advancement have bought forth the Fourth Industrial Revolution or Industry 4.0 in front of us (Global, 2017; K Schwab, 2016)
Summary
During the last few decades, technology is evolving with profound pace, velocity and impact (Petrillo, De Felice, Cioffi, & Zomparelli, 2018) and that swift digital technological advancement have bought forth the Fourth Industrial Revolution or Industry 4.0 in front of us (Global, 2017; K Schwab, 2016). Industry 4.0, affects all sectors and disciplines, and have an enormous impact disproportionately on developed and developing nations (Anderl, 2015; Becker & Stern, 2016; Faller & Feldmüller, 2015; Gokalp et al, 2016; Gorecky et al, 2014; Ji, Ganchev, O'Droma, Zhao, & Zhang, 2014; Klaus Schwab & Davis, 2018; Stankovic et al, 2017) This fourth industrial revolution shortens periods for launching new products around the globe, more flexible product lines, increased productivity, more efficient use of resources, integrating the virtual global factory in global value chains (Ângelo, Barata, da Cunha, & Almeida, 2017; Huckle et al, 2016). This is an enormous opportunity offered by the smart revolution, and this opportunity not to be lost, so the government and private agency need to act together to mitigate the challenges reaping the maximum benefits of industry 4.0 for the prosperity of Bangladesh
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